55 Owen Avenue
55 Owen Avenue; Lansdowne, PA 19050
- Price$ 525,000
- Property TypeMulti Unit Housing
- NeighborhoodDelaware County
- Number of Units6
- Lot Size0.20 acres
- Price/Unit$ 87,500
- Year Built1904
- Extraordinary Location: Situated in Highly Sought-After Lansdowne, Delaware County, Pennsylvania
- Rental Upside: Opportunity to Increase In-Place Rents Approximately 10% to 15%
- Public Transportation: Walking Distance to SEPTA Regional Rail (Media/Elwyn Line; Lansdowne Station)
- Exceptional Utility Breakout: Tenants Pay Electric, Heat, and Hot Water
On behalf of ownership, Rittenhouse Realty Advisors extends to qualified investors the opportunity to acquire the fee simple interest in the property at 55 Owen Avenue in Lansdowne, Delaware County, Pennsylvania. This 6-unit property consists of (1) studio, (4) one-bedroom units, and (1) two-bedroom unit. The property historically and currently has been 100% occupied with an average in-place rent of $725 per month for a studio, $850 per month for one-bedrooms and $980 per month for two-bedrooms with tenants paying electric, heat, and hot water. When compared to similar properties in the immediate area, rents could be increased approximately 10% to 15% with little to no work required to obtain these increases.
The property is situated on a quiet residential street with easy access to numerous transit routes that service tenants to SEPTA’s 30th Street Transportation Station and 69th Street Station – the gateway to Center City Philadelphia and the western suburbs, as well as multiple bus routes throughout the county. Numerous transit and rail lines run out of 30th Street Station and 69th Street Station to make the area a huge draw for tenants due to the access of living and working within the City limits. As a result, most properties in the area are and historically have been 95% or better occupied.
The apartments at 55 Owen Avenue offer a potential buyer a very attractive capitalization rate going in of 8% with little to no work being done on the property by a potential buyer. Further, there is an excellent opportunity to increase rents of existing tenants given the market conditions and comparable properties in the area.
Tel: (215) 454-2852 EXT 1001
Cell: (267) 760-3726
License: PA RS279134 / DE RS0016407
Tel: (215) 454-2852 EXT 1016
Cell: (267) 222-2153
License: PA RS325260
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